Home » News
Home » News

Overstock.com's income falls, revenues higher

Published July 25, 2014 1:01 pm
This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Overstock.com's net income fell by almost 50 percent in the quarter ending June 30, but the Salt Lake City-based company still posted a profit for the 10th straight quarter.

Company CEO Patrick Byrne said Thursday that net quarterly income was $1.9 million, or 8 cents per share, down from $3.7 million, or 15 cents a share, in the same quarter in 2013.

Revenues were a bright spot for the online sales company, jumping 13 percent year-over-year to $332.5 million.

"Our increases in technology spending have supported an innovation cycle that has spun up to the point that we can conceive and execute on ideas much faster than at any previous time in our existence," Byrne said.

He also noted that a federal appeals court in California will hear oral arguments Aug. 15 on an Overstock.com lawsuit against Goldman Sachs and Merrill Lynch.

Mike Gorrell




Reader comments on sltrib.com are the opinions of the writer, not The Salt Lake Tribune. We will delete comments containing obscenities, personal attacks and inappropriate or offensive remarks. Flagrant or repeat violators will be banned. If you see an objectionable comment, please alert us by clicking the arrow on the upper right side of the comment and selecting "Flag comment as inappropriate". If you've recently registered with Disqus or aren't seeing your comments immediately, you may need to verify your email address. To do so, visit disqus.com/account.
See more about comments here.
comments powered by Disqus